Slaughter and May advised the trustee of the SCA UK Pension Plan on the £1.1 billion full buy-in of the plan with Legal & General

Slaughter and May advised the Trustee of the SCA UK Pension Plan (the “Plan”) on the £1.1 billion full buy-in of the Plan with Legal & General Assurance Society Limited (“Legal & General”).

 

The buy-in secures the benefits of 5,900 retirees and 3,600 deferred members. This transaction represents the success of adopting a strategic partnership with Legal & General in order for the Plan’s Trustee to achieve its objectives and provide additional security to members of the Plan.

 

The sponsoring company, Essity Holding UK Limited (the “Sponsor”), is part of the Essity group which is a leading global hygiene and health company headquartered in Stockholm, Sweden. Essity employs approximately 1,600 employees in the UK across six manufacturing sites and three commercial offices.  Its portfolio of brands include TENA, Cushelle, Tork, Plenty, Velvet and Bodyform.

 

Throughout the course of the transaction, Slaughter and May worked closely with the Trustee’s actuarial and investment adviser Lane Clark & Peacock. Muse Advisory acted as pensions manager. Willis Towers Watson and Clifford Chance advised the Sponsor. CMS Cameron McKenna Nabarro Olswang LLP supplied Legal & General with legal advice.

Further details can be seen here:

Legal & General press release

Pensions
Charles Cameron Partner
Adrien Mallevays Associate
Adam Gilchrist Associate
Matthew Ward Associate
Katy Cross Associate

Emma O’Callaghan / Trainee

Corporate
Nick Pacheco Partner
Amy Bennett Associate
Tax
Adrian Burbie Associate